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Marten Transport Announces Second Quarter Results

1. Marten reported $7.2 million net income for Q2 2025, down from $7.9 million. 2. Operating revenue fell to $229.9 million in Q2 2025 from $246.2 million. 3. Operating income decreased to $9.7 million, down from $10 million year-over-year. 4. Freight market recession impacted earnings with reduced demand and increased costs. 5. Future growth opportunities may arise from industry capacity exits and trade policy changes.

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Why Bearish?

Declining net income and revenue indicate challenges for growth and profitability. Historically, reduced earnings often lead to negative stock performance.

How important is it?

The financial results are critical indicators of the company's health. Investor reactions to earnings directly influence MRTN's stock price.

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Immediate financial results will affect investor sentiment and stock price quickly. Similar past quarterly declines have led to stock price drops in the short-term.

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July 16, 2025 08:45 ET  | Source: Marten Transport, Ltd. MONDOVI, Wis., July 16, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) today reported net income of $7.2 million, or 9 cents per diluted share, for the second quarter ended June 30, 2025, compared with $7.9 million, or 10 cents per diluted share, for the second quarter of 2024. For the six-month period ended June 30, 2025, net income was $11.5 million, or 14 cents per diluted share, compared with $17.5 million, or 22 cents per diluted share, for the 2024 six-month period. Operating revenue was $229.9 million for the second quarter of 2025 compared with $246.2 million for the second quarter of 2024. Excluding fuel surcharges, operating revenue was $203.8 million for the 2025 quarter compared with $213.5 million for the 2024 quarter. Fuel surcharge revenue decreased to $26.1 million for the 2025 quarter from $32.7 million for the 2024 quarter. Operating revenue was $453.1 million for the first six months of 2025 compared with $495.9 million for the first six months of 2024. Excluding fuel surcharges, operating revenue was $399.6 million for the 2025 period compared with $429.3 million for the 2024 period. Fuel surcharge revenue decreased to $53.5 million for the 2025 period from $66.6 million for the 2024 period. Operating income was $9.7 million for the second quarter of 2025 compared with $10.0 million for the second quarter of 2024. Operating income was $15.6 million for the first six months of 2025 compared with $22.2 million for the first six months of 2024. Operating expenses as a percentage of operating revenue were 95.8% for the 2025 quarter and 95.9% for the 2024 quarter. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 95.2% for the 2025 quarter and 95.3% for the 2024 quarter. Operating expenses as a percentage of operating revenue were 96.6% for the first six months of 2025 and 95.5% for the first six months of 2024. Operating expenses as a percentage of operating revenue, with both amounts net of fuel surcharges, were 96.1% for the 2025 period and 94.8% for the 2024 period. Executive Chairman Randolph L. Marten stated, “Our unique multifaceted business model’s value continued to be highlighted by the operating results of our dedicated and brokerage operations for the first six months of this year and throughout last year. Our earnings have continued to be heavily pressured by the considerable duration and depth of the freight market recession’s oversupply and weak demand - and the cumulative impact of inflationary operating costs, freight rate reductions and freight network disruptions.” “We remain focused on minimizing the freight market’s impact - and the impact of the U.S. and global economies with the current trade policy volatility - while investing in and positioning our operations to capitalize on profitable organic growth opportunities. We expect such growth opportunities to be positively impacted by anticipated additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations.” Current Investor Presentation Marten Transport, with headquarters in Mondovi, Wis., is a multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across Marten’s six distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Intermodal, Brokerage and MRTN de Mexico. Marten is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten’s common stock is traded on the Nasdaq Global Select Market under the symbol MRTN. This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include a discussion of Marten’s prospects for future growth, including the impact of the freight market and U.S. and global economies with the current trade policy volatility along with the impact of additional industry capacity exits relating to increased enforcement of the English Language Proficiency and B-1 visa regulations, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company that could cause actual results to differ materially from those discussed in the forward-looking statements are discussed in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACTS: Tim Kohl, Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.  MARTEN TRANSPORT, LTD.CONSOLIDATED CONDENSED BALANCE SHEETS   June 30,  December 31, (In thousands, except share information) 2025  2024   (Unaudited)     ASSETS        Current assets:        Cash and cash equivalents $35,052  $17,267 Receivables:        Trade, net  91,432   89,992 Other  7,387   5,364 Prepaid expenses and other  21,942   25,888 Total current assets  155,813   138,511          Property and equipment:        Revenue equipment, buildings and land, office equipment and other  1,207,399   1,198,737 Accumulated depreciation  (373,131)  (370,124)Net property and equipment  834,268   828,613 Other noncurrent assets  1,735   1,633 Total assets $991,816  $968,757          LIABILITIES AND STOCKHOLDERS’ EQUITY        Current liabilities:        Accounts payable $44,894  $25,781 Insurance and claims accruals  43,817   44,246 Accrued and other current liabilities  27,974   23,492 Total current liabilities  116,685   93,519 Deferred income taxes  104,098   107,034 Noncurrent operating lease liabilities  317   282 Total liabilities  221,100   200,835          Stockholders’ equity:        Preferred stock, $.01 par value per share; 2,000,000 shares authorized; no shares issued and outstanding  -   - Common stock, $.01 par value per share; 192,000,000 shares authorized; 81,520,424 shares at June 30, 2025, and 81,463,938 shares at December 31, 2024, issued and outstanding  815   815 Additional paid-in capital  53,994   52,941 Retained earnings  715,907   714,166 Total stockholders’ equity  770,716   767,922 Total liabilities and stockholders’ equity $991,816  $968,757            MARTEN TRANSPORT, LTD. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)   Three Months  Six Months   Ended June 30,  Ended June 30, (In thousands, except per share information) 2025  2024  2025  2024                  Operating revenue $229,922  $246,238  $453,074  $495,910                  Operating expenses (income):                Salaries, wages and benefits  78,570   86,519   157,370   175,281 Purchased transportation  43,123   43,235   80,779   85,049 Fuel and fuel taxes  32,591   38,809   65,708   78,370 Supplies and maintenance  15,606   16,472   31,119   32,542 Depreciation  27,307   28,206   54,777   56,733 Operating taxes and licenses  2,451   2,539   4,868   5,114 Insurance and claims  15,852   12,559   29,229   24,216 Communications and utilities  2,164   2,297   4,443   4,668 Gain on disposition of revenue equipment  (5,182)  (2,532)  (6,847)  (3,703)Other  7,706   8,160   16,035   15,416                  Total operating expenses  220,188   236,264   437,481   473,686                  Operating income  9,734   9,974   15,593   22,224                  Other  (436)  (1,014)  (785)  (1,810)                 Income before income taxes  10,170   10,988   16,378   24,034                  Income taxes expense  2,984   3,099   4,857   6,499                  Net income $7,186  $7,889  $11,521  $17,535                  Basic earnings per common share $0.09  $0.10  $0.14  $0.22                  Diluted earnings per common share $0.09  $0.10  $0.14  $0.22                  Dividends declared per common share $0.06  $0.06  $0.12  $0.12                    MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)           Dollar  Percentage           Change  Change   Three Months  Three Months  Three Months   Ended  Ended  Ended   June 30,  June 30,  June 30, (Dollars in thousands) 2025  2024  2025 vs. 2024  2025 vs. 2024 Operating revenue:                Truckload revenue, net of fuel surcharge revenue $92,484  $96,046  $(3,562)  (3.7)%Truckload fuel surcharge revenue  14,002   16,477   (2,475)  (15.0)Total Truckload revenue  106,486   112,523   (6,037)  (5.4)                 Dedicated revenue, net of fuel surcharge revenue  61,338   67,444   (6,106)  (9.1)Dedicated fuel surcharge revenue  10,536   13,822   (3,286)  (23.8)Total Dedicated revenue  71,874   81,266   (9,392)  (11.6)                 Intermodal revenue, net of fuel surcharge revenue  10,093   12,660   (2,567)  (20.3)Intermodal fuel surcharge revenue  1,610   2,404   (794)  (33.0)Total Intermodal revenue  11,703   15,064   (3,361)  (22.3)                 Brokerage revenue  39,859   37,385   2,474   6.6                  Total operating revenue $229,922  $246,238  $(16,316)  (6.6)%                 Operating income/(loss):                Truckload $2,344  $1,115  $1,229   110.2%Dedicated  5,429   6,650   (1,221)  (18.4)Intermodal  (735)  (684)  (51)  (7.5)Brokerage  2,696   2,893   (197)  (6.8)Total operating income $9,734  $9,974  $(240)  (2.4)%                 Operating ratio:                Truckload  97.8%  99.0%        Dedicated  92.4   91.8         Intermodal  106.3   104.5         Brokerage  93.2   92.3         Consolidated operating ratio  95.8%  95.9%                         Operating ratio, net of fuel surcharges:                Truckload  97.5%  98.8%        Dedicated  91.1   90.1         Intermodal  107.3   105.4         Brokerage  93.2   92.3         Consolidated operating ratio, net of fuel surcharges  95.2%  95.3%           MARTEN TRANSPORT, LTD. SEGMENT INFORMATION (Unaudited)           Dollar  Percentage           Change  Change   Six Months  Six Months  Six Months   Ended  Ended  Ended   June 30,  June 30,  June 30, (Dollars in thousands) 2025  2024  2025 vs. 2024  2025 vs. 2024 Operating revenue:                Truckload revenue, net of fuel surcharge revenue $182,590  $191,068  $(8,478)  (4.4)%Truckload fuel surcharge revenue  28,287   33,006   (4,719)  (14.3)Total Truckload revenue  210,877   224,074   (13,197)  (5.9)                 Dedicated revenue, net of fuel surcharge revenue  123,743   139,182   (15,439)  (11.1)Dedicated fuel surcharge revenue  21,756   28,544   (6,788)  (23.8)Total Dedicated revenue  145,499   167,726   (22,227)  (13.3)                 Intermodal revenue, net of fuel surcharge revenue  20,361   25,941   (5,580)  (21.5)Intermodal fuel surcharge revenue  3,459   5,095   (1,636)  (32.1)Total Intermodal revenue  23,820   31,036   (7,216)  (23.3)                 Brokerage revenue  72,878   73,074   (196)  (0.3)                 Total operating revenue $453,074  $495,910  $(42,836)  (8.6)%                 Operating income/(loss):                Truckload $2,044  $1,604  $440   27.4%Dedicated  10,283   15,908   (5,625)  (35.4)Intermodal  (1,590)  (878)  (712)  (81.1)Brokerage  4,856   5,590   (734)  (13.1)Total operating income $15,593  $22,224  $(6,631)  (29.8)%                 Operating ratio:                Truckload  99.0%  99.3%        Dedicated  92.9   90.5         Intermodal  106.7   102.8         Brokerage  93.3   92.4         Consolidated operating ratio  96.6%  95.5%                         Operating ratio, net of fuel surcharges:                Truckload  98.9%  99.2%        Dedicated  91.7   88.6         Intermodal  107.8   103.4         Brokerage  93.3   92.4         Consolidated operating ratio, net of fuel surcharges  96.1%  94.8%           MARTEN TRANSPORT, LTD. OPERATING STATISTICS (Unaudited)   Three Months  Six Months   Ended June 30,  Ended June 30,   2025  2024  2025  2024 Truckload Segment:                Revenue (in thousands) $106,486  $112,523  $210,877  $224,074 Average revenue, net of fuel surcharges, per tractor per week(1) $4,209  $4,093  $4,203  $4,044 Average tractors(1)  1,690   1,805   1,680   1,817 Average miles per trip  524   528   531   533 Non-revenue miles percentage(2)  11.0%  11.6%  11.1%  12.1%Total miles (in thousands)  39,221   40,847   77,494   80,550                  Dedicated Segment:                Revenue (in thousands) $71,874  $81,266  $145,499  $167,726 Average revenue, net of fuel surcharges, per tractor per week(1) $3,807  $3,754  $3,827  $3,768 Average tractors(1)  1,239   1,382   1,251   1,421 Average miles per trip  301   323   305   326 Non-revenue miles percentage(2)  1.3%  1.1%  1.4%  1.1%Total miles (in thousands)  25,132   28,231   50,368   57,311                  Intermodal Segment:                Revenue (in thousands) $11,703  $15,064  $23,820  $31,036 Loads  3,555   4,464   7,212   9,053 Average tractors  77   121   77   123                  Brokerage Segment:                Revenue (in thousands) $39,859  $37,385  $72,878  $73,074 Loads  24,094   22,700   44,510   42,761                  At June 30, 2025 and June 30, 2024:                Total tractors(1)  2,928   3,126         Average age of company tractors (in years)  2.1   1.8         Total trailers  5,164   5,539         Average age of company trailers (in years)  5.0   5.0         Ratio of trailers to tractors(1)  1.8   1.8         Total refrigerated containers  786   787            Three Months  Six Months   Ended June 30,  Ended June 30, (In thousands) 2025  2024  2025  2024                  Net cash provided by operating activities $33,153  $35,821  $69,368  $81,543 Net cash used for investing activities  (33,115)  (27,776)  (41,528)  (48,025)Net cash used for financing activities  (4,891)  (4,576)  (10,055)  (9,532)                 Weighted average shares outstanding:                Basic  81,510   81,381   81,502   81,365 Diluted  81,517   81,446   81,512   81,442  (1 ) Includes tractors driven by both company-employed drivers and independent contractors. Independent contractors provided 80 and 90 tractors as of June 30, 2025 and 2024, respectively.   (2) Represents the percentage of miles for which the company is not compensated.

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